COMMISSIONER OF INCOME TAX Vs. SANDEEP C. DUGAD

JUDGEMENT

(1.) WHETHER the Tribunal was justified in holding that the block assessment order passed in the present case was barred by limitation, is the question raised in this appeal.

(2.) A search and seizure action under S. 132(1) of the IT Act, 1961 ('Act' for short) was carried out at the residential premises of the assessee and other members of Dugad Family on 26th June, 1997. During the course of search, certain incriminating materials were seized. Thereupon, notice under S. 158BC of the Act was issued to the assessee on 28th Aug., 1997, pursuant to which block return was filed by the assessee on 25th Jan., 1999.

(3.) THEREUPON , order dt. 16th June, 1999 was passed by the AO under S. 142(2A) of the Act calling upon the assessee to get the books of account audited from Shri S.B. Sabne within four months of serving the notice dt. 16th April, 1999 on Shri M.N. Dugad.